"Decentralized crypto exchanges (DEXes) based on automated market making (AMM) are a cornerstone of DeFi. DEXes solve several problems associated with centralized crypto exchanges (CEXes), such as fake (wash) trading (e.g., Aloosh and Li (2021), Amiram, Lyandres, and Rabetti (2021), and Cong, Li, Tang and Yang (2021)), and outright fraud".
